Shared Order Book for Unified Internal External Market Data
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Solution Overview
Problem
Current trading systems lack efficient integration of internal and external market data, leading to fragmented market views and inefficient order management across multiple exchanges.
Innovation Solution
A system that connects internal and external exchange computers via a communication network, allowing for real-time data sharing and order management, including biometric authentication and flexible quoting styles, to create a unified order book and market depth display.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If trading systems maintain separate internal and external exchange computers, then system independence and security are preserved, but market data integration and unified order management become fragmented and inefficient
Solution Approach 1:
The patent introduces a shared order book as an intermediary mechanism that receives and processes orders from both internal exchange computers and external exchanges. This intermediary structure enables unified order management and real-time market data integration without requiring direct integration between separate exchange systems, thus maintaining system independence while improving data integration efficiency.
2Device complexity
If separate order books are maintained for internal and external exchanges, then system complexity is reduced, but unified market view and real-time synchronization are lost
Solution Approach 1:
The patent merges internal and external exchange order books into a single shared order book structure. This unified order book consolidates market data from multiple sources, providing a comprehensive real-time market view while maintaining manageable system complexity through standardized data processing protocols and centralized management architecture.
3Productivity
If real-time data sharing between internal and external exchanges is implemented, then trading efficiency and decision-making are improved, but data security and system stability face increased challenges
Solution Approach 1:
The shared order book serves as a controlled intermediary that facilitates real-time data sharing between internal and external exchanges while implementing security measures. The system processes and distributes market data through standardized protocols with access control mechanisms, enabling efficient trading decisions while mitigating data security risks through structured data handling procedures.
Data Source
AI summary
Method and system may include receiving orders for an item from computing devices associated with internal users and from computing devices associated with external users; determining a best bid and a best offer from the orders from the internal users and the external orders; and causing an interface screen to be displayed at a user computing device, the interface screen comprising a shared order book for the item including a listing of the orders from the internal users and the external users sorted by price, the shared order book arranged in a set of bid side and a set of ask side columns, each set of columns comprising at least one price column and at least one size column, and at least one column indicating a source of at least one of each of an order from an internal user and an order for an external user.